vs
合众银行（STBA）与Vericel Corp（VCEL）财务数据对比。点击上方公司名可切换其他公司
合众银行的季度营收约是Vericel Corp的1.1倍（$102.1M vs $92.9M），合众银行净利率更高（34.4% vs 25.0%，领先9.3%），过去两年Vericel Corp的营收复合增速更高（34.6% vs 2.6%）
合众银行是总部位于美国明尼苏达州明尼阿波利斯、注册地为特拉华州的跨国银行机构，截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构。旗下核心运营主体为美国合众银行全国协会，以“U.S. Bank”品牌开展业务，提供银行、投资、抵押贷款等多元金融服务。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
STBA vs VCEL — 直观对比
营收规模更大
STBA
是对方的1.1倍
$92.9M
净利率更高
STBA
高出9.3%
25.0%
两年增速更快
VCEL
近两年复合增速
2.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $102.1M | $92.9M |
| 净利润 | $35.1M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | — | 24.1% |
| 净利率 | 34.4% | 25.0% |
| 营收同比 | — | 23.3% |
| 净利润同比 | 5.0% | 17.3% |
| 每股收益（稀释后） | $0.94 | $0.46 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收STBAVCEL
| Q1 26 | $102.1M | — | ||
| Q4 25 | $105.3M | $92.9M | ||
| Q3 25 | $103.0M | $67.5M | ||
| Q2 25 | $100.1M | $63.2M | ||
| Q1 25 | $93.8M | $52.6M | ||
| Q4 24 | $94.3M | $75.4M | ||
| Q3 24 | $96.4M | $57.9M | ||
| Q2 24 | $96.9M | $52.7M |
净利润STBAVCEL
| Q1 26 | $35.1M | — | ||
| Q4 25 | $34.0M | $23.2M | ||
| Q3 25 | $35.0M | $5.1M | ||
| Q2 25 | $31.9M | $-553.0K | ||
| Q1 25 | $33.4M | $-11.2M | ||
| Q4 24 | $33.1M | $19.8M | ||
| Q3 24 | $32.6M | $-901.0K | ||
| Q2 24 | $34.4M | $-4.7M |
毛利率STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% |
营业利润率STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | 40.3% | 24.1% | ||
| Q3 25 | 42.6% | 5.1% | ||
| Q2 25 | 40.0% | -3.2% | ||
| Q1 25 | 44.5% | -24.3% | ||
| Q4 24 | 43.8% | 24.5% | ||
| Q3 24 | 43.0% | -4.3% | ||
| Q2 24 | 44.2% | -11.5% |
净利率STBAVCEL
| Q1 26 | 34.4% | — | ||
| Q4 25 | 32.3% | 25.0% | ||
| Q3 25 | 33.9% | 7.5% | ||
| Q2 25 | 31.9% | -0.9% | ||
| Q1 25 | 35.6% | -21.4% | ||
| Q4 24 | 35.1% | 26.3% | ||
| Q3 24 | 33.8% | -1.6% | ||
| Q2 24 | 35.5% | -8.9% |
每股收益（稀释后）STBAVCEL
| Q1 26 | $0.94 | — | ||
| Q4 25 | $0.88 | $0.46 | ||
| Q3 25 | $0.91 | $0.10 | ||
| Q2 25 | $0.83 | $-0.01 | ||
| Q1 25 | $0.87 | $-0.23 | ||
| Q4 24 | $0.86 | $0.40 | ||
| Q3 24 | $0.85 | $-0.02 | ||
| Q2 24 | $0.89 | $-0.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $137.5M |
| 总债务越低越好 | $100.8M | — |
| 股东权益账面价值 | $1.4B | $354.6M |
| 总资产 | $9.9B | $488.0M |
| 负债/权益比越低杠杆越低 | 0.07× | — |
8季度趋势，按日历期对齐
现金及短期投资STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | $163.4M | $137.5M | ||
| Q3 25 | $196.2M | $135.4M | ||
| Q2 25 | $203.1M | $116.9M | ||
| Q1 25 | $211.8M | $112.9M | ||
| Q4 24 | $244.8M | $116.2M | ||
| Q3 24 | $228.1M | $101.7M | ||
| Q2 24 | $246.3M | $102.5M |
总债务STBAVCEL
| Q1 26 | $100.8M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益STBAVCEL
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.5B | $354.6M | ||
| Q3 25 | $1.5B | $321.9M | ||
| Q2 25 | $1.4B | $306.8M | ||
| Q1 25 | $1.4B | $295.5M | ||
| Q4 24 | $1.4B | $292.0M | ||
| Q3 24 | $1.4B | $257.5M | ||
| Q2 24 | $1.3B | $243.0M |
总资产STBAVCEL
| Q1 26 | $9.9B | — | ||
| Q4 25 | $9.9B | $488.0M | ||
| Q3 25 | $9.8B | $453.3M | ||
| Q2 25 | $9.8B | $435.6M | ||
| Q1 25 | $9.7B | $424.6M | ||
| Q4 24 | $9.7B | $432.7M | ||
| Q3 24 | $9.6B | $390.4M | ||
| Q2 24 | $9.6B | $376.8M |
负债/权益比STBAVCEL
| Q1 26 | 0.07× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $15.0M |
| 自由现金流经营现金流 - 资本支出 | — | $12.8M |
| 自由现金流率自由现金流/营收 | — | 13.8% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | — | $24.7M |
8季度趋势，按日历期对齐
经营现金流STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | $133.6M | $15.0M | ||
| Q3 25 | $40.5M | $22.1M | ||
| Q2 25 | $28.3M | $8.2M | ||
| Q1 25 | $28.7M | $6.6M | ||
| Q4 24 | $173.4M | $22.2M | ||
| Q3 24 | $27.6M | $10.2M | ||
| Q2 24 | $44.7M | $18.5M |
自由现金流STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | $128.8M | $12.8M | ||
| Q3 25 | $39.9M | $19.5M | ||
| Q2 25 | $27.1M | $81.0K | ||
| Q1 25 | $27.0M | $-7.6M | ||
| Q4 24 | $170.4M | $8.5M | ||
| Q3 24 | $26.9M | $-9.2M | ||
| Q2 24 | $43.9M | $1.8M |
自由现金流率STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | 122.4% | 13.8% | ||
| Q3 25 | 38.7% | 28.8% | ||
| Q2 25 | 27.1% | 0.1% | ||
| Q1 25 | 28.8% | -14.5% | ||
| Q4 24 | 180.7% | 11.2% | ||
| Q3 24 | 28.0% | -15.9% | ||
| Q2 24 | 45.3% | 3.4% |
资本支出强度STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | 4.5% | 2.4% | ||
| Q3 25 | 0.6% | 3.9% | ||
| Q2 25 | 1.2% | 12.9% | ||
| Q1 25 | 1.8% | 27.0% | ||
| Q4 24 | 3.1% | 18.3% | ||
| Q3 24 | 0.7% | 33.5% | ||
| Q2 24 | 0.9% | 31.8% |
现金转化率STBAVCEL
| Q1 26 | — | — | ||
| Q4 25 | 3.93× | 0.65× | ||
| Q3 25 | 1.16× | 4.35× | ||
| Q2 25 | 0.89× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 5.24× | 1.12× | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | 1.30× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
STBA
| Net Interest Income | $88.4M | 87% |
| Noninterest Income | $13.6M | 13% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
